But the markets in the U.S. are expecting QE3 ‘Goose the Market’ from the Fed, and are rising on this expectation. It seems to me, however, that when QE3 finally does arrive, it’ll be like that B mystery movie that spent way too much time hinting at a murder so that when it finally does come people just ignore it or even laugh it off, very derisively.

Dangerous – because as Mr. Saft points out many very toxic factors keep pressing ever harder against the pillars of the entire Western financial order. The Fed can ill afford to disappoint in such an environment where investor panic is crouching just off stage. A disappointment in such an environment could lead to a massive panic and a crisis far worse than 2008.

Looks to me like investors are right now being set up for the big fall.